Diversey Holdings Ltd (DSEY) 2021 Q1 法說會逐字稿

Greetings. Welcome to Diversey Holdings, Ltd. First Quarter 2021 Earnings Conference Call. (Operator Instructions) Please note, this conference is being recorded. I would now like to turn the conference over to Grant Graver, Investor Relations. Thank you. You may begin.

問候。歡迎參加泰華施控股有限公司 2021 年第一季度收益電話會議。 （操作員說明）請注意，本次會議正在錄製中。我現在想將會議交給投資者關係部的格蘭特·格雷弗 (Grant Graver)。謝謝。你可以開始了。

Thank you. Hello, everyone, and welcome to Diversey's first quarter conference call. With me today are Phil Wieland, our CEO; and Todd Herndon, our CFO. Our earnings release and the slides we'll reference on this call are available on Diversey's website at ir.diversey.com.

謝謝。大家好，歡迎參加泰華施第一季度電話會議。今天和我在一起的有我們的首席執行官菲爾·維蘭德 (Phil Wieland)；和我們的首席財務官托德·赫恩登 (Todd Herndon)。我們的收益發布以及我們將在本次電話會議中參考的幻燈片可在泰華施網站 ir.diversey.com 上獲取。

Please take a moment to read the cautionary statements in these materials, which state that this teleconference and the associated supplemental materials may include estimates of future performance. These are forward-looking statements and actual results could differ materially from those projected. Factors that could cause actual results to differ are described under the Risk Factors section in our filings with the SEC. On this call, we will reference certain non-GAAP measures. Please see the accompanying slides and our filings with the SEC for definitions and reconciliations to the most closely comparable GAAP measures.

請花一點時間閱讀這些材料中的警告聲明，其中指出本次電話會議和相關補充材料可能包括對未來業績的估計。這些均為前瞻性陳述，實際結果可能與預測存在重大差異。我們向 SEC 提交的文件中的“風險因素”部分描述了可能導致實際結果不同的因素。在這次電話會議上，我們將參考某些非公認會計原則措施。請參閱隨附的幻燈片以及我們向 SEC 提交的文件，了解與最接近的 GAAP 衡量標準的定義和調節。

And now I'm happy to pass it over to our CEO, Phil Wieland, for his comments.

現在我很高興將其轉交給我們的首席執行官 Phil Wieland，徵求他的意見。

Thanks, Grant. It's fantastic to be giving our first earnings update as a public company, having come out of the gate delivering a strong first quarter. Everyone connected with Diversey is proud of our company and its new status as DSEY, and we're driven to see it reach its full potential as a leader in our market. For those of you who invested at IPO, thank you. I hope you've enjoyed the ride so far. What you'll hear today will be consistent with the expectations we set and represents some great progress on our strategic themes.

謝謝，格蘭特。作為一家上市公司，我們在第一季度取得了強勁的業績，能夠首次發布盈利報告真是太棒了。與 Diversey 相關的每個人都為我們的公司及其 DSEY 的新地位感到自豪，我們致力於看到它充分發揮作為市場領導者的潛力。對於那些投資過 IPO 的人，謝謝你們。我希望到目前為止您旅途愉快。您今天聽到的內容將與我們設定的期望一致，並代表我們的戰略主題取得了一些重大進展。

Starting with our first quarter results. We saw 2% top line growth versus the 2019 pre-COVID baseline, despite very heavy lockdowns impacting many of our customers in most parts of the world. Margins continued to expand, delivering very strong adjusted EBITDA growth of over 75% against the 2019 pre-COVID baseline, and even modest growth against the prelockdown 2020, which benefited from significant infection prevention sale. We were, of course, impacted by the Texas freeze, resulting in raw material cost pressure, but we didn't experience any supply disruption. Our procurement and commercial teams have been working incredibly hard to mitigate the financial impact. We've seen significant net new customer wins in both our Institutional and F&B segments, importantly, at accretive margins as customers have valued our product and service offerings.

從我們第一季度的業績開始。儘管非常嚴格的封鎖措施影響了我們在世界大部分地區的許多客戶，但與 2019 年新冠疫情之前的基準相比，我們的收入增長了 2%。利潤率繼續擴大，與 2019 年新冠疫情爆發前的基準相比，調整後 EBITDA 增長非常強勁，超過 75%，甚至與 2020 年封鎖前相比略有增長，這得益於大量的感染預防銷售。當然，我們受到德克薩斯州凍結的影響，導致原材料成本壓力，但我們沒有遇到任何供應中斷。我們的採購和商務團隊一直在非常努力地努力減輕財務影響。我們在機構和餐飲領域都看到了顯著的淨新客戶贏得，重要的是，隨著客戶重視我們的產品和服務，利潤不斷增加。

We've been rewarded for our extra efforts during the difficult COVID times by extremely low customer churn. This is also reflected in our customer Net Promoter Score, which is at record levels. Our strategic plan is bearing fruit with meaningful progress in all areas. We've seen some important launches from our innovation pipeline. In particular, in Institutional, we've launched a residual efficacy product to complement our infection prevention range and in F&B, we've launched a system that expands our digital offering by providing real-time insight on both cleaning standards and water and energy usage for our CIP customers.

我們在新冠疫情困難時期付出的額外努力得到了回報，客戶流失率極低。這也反映在我們的客戶淨推薦值中，該分數達到了創紀錄的水平。我們的戰略計劃正在結出碩果，在各個領域都取得了有意義的進展。我們已經看到我們的創新渠道推出了一些重要的產品。特別是，在機構領域，我們推出了殘留功效產品來補充我們的感染預防系列；在餐飲領域，我們推出了一個系統，通過提供有關清潔標準以及水和能源使用情況的實時洞察來擴展我們的數字產品為我們的 CIP 客戶。

Recognizing that some of you may be new to the Diversey story, I want to cover some information that we shared on the road show to ensure everyone has the same baseline, starting on Page 5 of the presentation. Diversey has been growing for almost 100 years. We were a $2.6 billion top line company in 2020. We grew at constant currency, on average, over 3% from 2017 to 2019 and now at around 2% during the COVID year of 2020. We had adjusted EBITDA margins of around 15% in 2020, having grown, on average, 160 basis points per annum since 2018.

認識到你們中的一些人可能對泰華施的故事不熟悉，我想介紹一下我們在路演中分享的一些信息，以確保每個人都有相同的基線，從演示文稿的第 5 頁開始。 Diversey 已經發展了近 100 年。 2020 年，我們的營收為 26 億美元。按固定匯率計算，2017 年至 2019 年，我們的平均增長率超過 3%，而在 2020 年新冠疫情期間，我們的增長率約為 2%。2017 年，我們調整後的 EBITDA 利潤率為 15% 左右。 2020 年，自 2018 年以來平均每年增長 160 個基點。

We operate in an estimated $46 billion total addressable market across over 80 countries and have the #1 or #2 position in almost all markets we serve based on net sales in 2020. Our resilience during COVID was also seen in the 2008, 2009 financial crisis. Central to this is our diversification. By geography, we're roughly 1/3, 1/3, 1/3 across North America, Europe and emerging markets by end market, and by customer with no customer greater than 2% of our revenue and the top 50 customers, around 25% of our revenue.

我們在 80 多個國家/地區的潛在市場總額估計為 460 億美元，根據 2020 年的淨銷售額，在我們服務的幾乎所有市場中都佔據第一或第二的位置。我們在新冠疫情期間的韌性在 2008 年和 2009 年的金融危機中也得到了體現。其中的核心是我們的多元化。按地域劃分，我們在北美、歐洲和新興市場的終端市場和客戶數量分別佔大約 1/3、1/3、1/3，沒有客戶超過我們收入的 2%，前 50 名客戶約為我們收入的 25%。

On the next page, you'll see why we're so excited about Diversey's potential. Firstly, it's the market. We are 1 of only 2 global players in a GDP-plus growing market with highly recurring revenue and very sticky customer relationships. Secondly, we have real momentum. Our teams are motivated by our mission to protect and care for people. We've made progress in a major transformation plan under which we've invested a lot in our team, our infrastructure and our values. This, alongside our long heritage in our product, innovation, service and the environment, is delivering good growth, top and bottom line. Thirdly, we are executing against a clear plan to grow our top line through targeted initiatives, adjusted EBITDA margin to our target of 20% and inorganically through tuck-in acquisitions that enhance our business and strategic base.

在下一頁中，您將了解為什麼我們對泰華施的潛力如此興奮。首先，是市場。我們是GDP+增長市場中僅有的兩家全球參與者之一，擁有高經常性收入和非常粘性的客戶關係。其次，我們有真正的動力。我們的團隊受到保護和關愛人民的使命的激勵。我們在一項重大轉型計劃中取得了進展，根據該計劃，我們在團隊、基礎設施和價值觀方面投入了大量資金。再加上我們在產品、創新、服務和環境方面的悠久傳統，正在實現良好的增長、營收和利潤。第三，我們正在執行一項明確的計劃，通過有針對性的舉措來增加我們的營收，將 EBITDA 利潤率調整至 20% 的目標，並通過無機收購來增強我們的業務和戰略基礎。

Over the page, you'll see how we serve our customers by delivering business-critical solutions across 2 segments: Institutional, which is roughly 3/4 of our group revenue, and Food & Beverage, which is the remaining quarter. And we win in our marketplace because we have, number one, the broadest product offering across chemicals, dosing dispensing, plus machines. We believe we are unique in this respect. Two, a superior infection prevention portfolio. Three, service that customers value and can rely on. Four, strong distributor relationships that access all parts of the market cost-effectively. And five, a team who are bought into our mission to protect and care for people and are living our values to be inclusive, customer-driven to always improve, to have bias for action and to be accountable for results.

在該頁面上，您將看到我們如何通過跨兩個部門提供關鍵業務解決方案來服務客戶：機構部門，約占我們集團收入的 3/4，以及食品和飲料部門，佔剩下的四分之一。我們在市場上獲勝是因為，第一，我們擁有最廣泛的化學品、劑量分配和機器產品。我們相信我們在這方面是獨一無二的。二是卓越的感染預防組合。三是客戶看重、值得信賴的服務。第四，強大的經銷商關係，可以經濟有效地進入市場的各個部分。第五，我們的團隊認同我們保護和關愛人民的使命，踐行我們的價值觀：包容、以客戶為導向、不斷改進、偏向行動並對結果負責。

Over on Page 8, we describe our marketplace, which is structurally very attractive because, firstly, what we do is mission-critical for our customers. Secondly, our model of installing equipment that only takes our product and can only be serviced by us produces high recurring revenues. Thirdly, the cost to our customers of a hygiene problem, such as the closing of their facility, far outweighs the cost we represent to their business. And fourthly, customers increasingly want the comfort and security of their respective brands. We compete on our product impact and customer service.

在第 8 頁，我們描述了我們的市場，該市場在結構上非常有吸引力，因為首先，我們所做的事情對於我們的客戶來說是至關重要的。其次，我們的安裝設備模式僅採用我們的產品並且只能由我們提供服務，從而產生了高額經常性收入。第三，衛生問題給我們的客戶帶來的成本（例如關閉他們的設施）遠遠超過我們給他們的業務帶來的成本。第四，客戶越來越希望獲得各自品牌的舒適性和安全性。我們在產品影響力和客戶服務方面進行競爭。

Our estimated core serviceable addressable market is approximately $32 billion and growing at 3%. We have one strong and respected global competitor, who we encounter in some parts of the market, and then 75% of the market that's made up of much smaller local and regional competitors. We have also been expanding our market opportunity into an estimated $14 billion of newer markets with such products as residual, efficacy, infection prevention in Institutional and water treatment in Food & Beverage.

我們估計核心可服務可尋址市場約為 320 億美元，並且以 3% 的速度增長。我們有一個強大且受人尊敬的全球競爭對手，我們在市場的某些部分遇到了他們，然後 75% 的市場由規模小得多的本地和區域競爭對手組成。我們還利用機構中的殘留、功效、感染預防以及食品和飲料中的水處理等產品，將我們的市場機會擴大到估計價值 140 億美元的新市場。

On the next page, we describe how sustainability has been central to Diversey's operations for many years. We are focused on people, through our mission to protect and care; the planet by significantly reducing our own energy, waste, water and greenhouse gas emissions; and customers by the use of our products to deliver energy, waste and water reductions at customer site, helping them to meet their own environmental targets. We are driven by a desire to do the right thing, but this strategy also makes sense financially as it supports our retention and margin plans. We expect to issue a refreshed vision in this area later in 2021, reaching further to achieve even greater outcomes.

在下一頁中，我們將描述多年來可持續發展如何成為泰華施運營的核心。我們以保護和關懷為使命，以人為本；通過大幅減少我們自己的能源、廢物、水和溫室氣體排放來保護地球；通過使用我們的產品在客戶現場減少能源、廢物和水，幫助他們實現自己的環境目標。我們渴望做正確的事，但這一戰略在財務上也很有意義，因為它支持我們的保留和利潤計劃。我們預計將在 2021 年晚些時候發布該領域的新願景，進一步取得更大成果。

On Page 10, you'll see our growth plan is built on 4 pillars. Firstly, in our Institutional segment, the recovery of around $400 million temporary decline in 2020 revenue due to the COVID-impacted sectors and the ongoing benefit of our work over the last couple of years to build and grow in infection prevention, to scale our North American foodservice business, to enhance our commercial excellence globally, to expand in the fastest-growing parts of the market, that's global customers and emerging markets, and to accelerate the right innovation to support customer outcomes.

在第 10 頁，您將看到我們的增長計劃建立在 4 個支柱之上。首先，在我們的機構部門，由於受新冠肺炎影響的部門，2020 年收入暫時下降了約 4 億美元，並且我們過去幾年在感染預防方面的建設和發展工作持續受益，以擴大我們的北部地區美國餐飲服務業務，旨在增強我們在全球的商業卓越性，在市場增長最快的部分（即全球客戶和新興市場）進行擴張，並加速正確的創新以支持客戶成果。

The second pillar, in our F&B segment, we intend to accelerate in core geographies where we have a superior proposition and to cross-sell water treatment to provide a one-stop shop for customers to buy cleaning, hygiene and water treatment together. In the third pillar, we intend to expand adjusted EBITDA margin to 20% at an expected average rate of 50 to 100 basis points per annum through improved sourcing, strategic pricing, supply chain improvements and operational excellence through SG&A cost initiatives. On our fourth pillar, we intend to accelerate M&A by executing the best opportunities within our plentiful pipeline to add, at accretive multiples, businesses that add strategically, whether that's through supply chain capability, product or technology capability or geography.

第二個支柱是我們的餐飲部門，我們打算在我們擁有優越主張的核心地區加速發展，並交叉銷售水處理，為客戶提供一站式購買清潔、衛生和水處理的服務。在第三個支柱中，我們打算通過 SG&A 成本計劃改善採購、戰略定價、供應鏈改進和卓越運營，將調整後 EBITDA 利潤率擴大至 20%，預計平均每年 50 至 100 個基點。在我們的第四個支柱上，我們打算通過在我們豐富的管道中抓住最佳機會來加速併購，以倍數增加戰略性的業務，無論是通過供應鏈能力、產品或技術能力還是地理位置。

On the next page, Q1 has been extremely busy and productive, even leaving aside the IPO. In terms of market recovery, reopening has been slower than most people hoped. Whilst the U.S., the U.K. and China are progressing positively in Q2, other important markets like Mainland Europe, Canada, India and other emerging markets now appear unlikely to meaningfully reopen until Q3. However, with respect to our Institutional segment growth initiatives, we've completed our infection prevention supply-side rollout and seen a large volume of contracts signed. Our global accounts team have been very busy winning significant new annualized business. And the hunters introduced in our commercial excellence initiative are responsible for an accelerated win rate.

下一頁，即使不考慮 IPO，第一季度也非常忙碌和富有成效。就市場復甦而言，重新開放的速度比大多數人希望的要慢。雖然美國、英國和中國在第二季度取得了積極進展，但歐洲大陸、加拿大、印度和其他新興市場等其他重要市場現在似乎不太可能在第三季度之前真正重新開放。然而，就我們的機構部門增長計劃而言，我們已經完成了感染預防供應方的推出，並簽署了大量合同。我們的全球客戶團隊一直忙於贏得重要的新年度業務。我們的商業卓越計劃中引入的獵人負責加快獲勝率。

The F&B segment had a very strong quarter. They accelerated on top of a stellar 2020, winning record levels of net new business in Q1 this year. It was also exciting to watch the launch of water treatment, where we have recorded several small wins and encouragingly, our first global account success. This is ahead of schedule. In terms of margin, we were pleased to see the accretion despite the difficult lockdown environment. We saw early benefit from consolidating supply sources, having completed the first phase of our plan to align formally; implementing strong price increases in Q1, with further increases planned thereafter in response to raw material inflation; continued good progress with our G&A work, of particular note was the establishment of a new captive finance center in Eastern Europe for the transactional finance processes; and we have seen good pipeline progress in M&A, with 2 deals now in formal diligence processes and a number of others in developed discussions with vendors.

餐飲部門的季度表現非常強勁。他們在 2020 年輝煌的基礎上加速前進，今年第一季度的淨新業務創歷史新高。看到水處理業務的推出也令人興奮，我們在這方面取得了幾項小胜利，令人鼓舞的是，我們的第一個全球客戶取得了成功。這比計劃提前了。就利潤率而言，儘管封鎖環境困難，但我們很高興看到利潤率的增長。我們已經完成了正式調整計劃的第一階段，並從整合供應源中看到了早期的好處；第一季度實施大幅提價，併計劃此後進一步提價，以應對原材料通脹；我們的一般管理工作繼續取得良好進展，特別值得注意的是在東歐為交易融資流程建立了一個新的自保金融中心；我們在併購方面也看到了良好的進展，其中兩筆交易現已進入正式的盡職調查流程，還有一些交易正在與供應商進行深入的討論。

Now I'll pass over to Todd, our CFO, to discuss Q1 financial results in a little more detail.

現在我將請我們的首席財務官托德更詳細地討論第一季度的財務業績。

Thanks, Phil. I'm excited to speak with everyone today to review our strong results for the first quarter. In Q1, revenue was 2.2% above pre-COVID 2019, while delivering significant adjusted EBITDA improvement of 77.9% or $41 million of growth. This was driven by a combination of growth and our long-term focus on margin improvement. Compared to Q1 2020, our organic sales declined 4.4% due to strict lockdowns that are lasting longer than expected, particularly impacting our Institutional segment.

謝謝，菲爾。我很高興今天能與大家交談，回顧我們第一季度的強勁業績。第一季度的收入比 2019 年新冠疫情爆發前增長了 2.2%，同時調整後的 EBITDA 顯著提高了 77.9%，即增長了 4100 萬美元。這是由增長和我們對利潤率改善的長期關注共同推動的。與 2020 年第一季度相比，由於嚴格的封鎖持續時間比預期長，我們的有機銷售額下降了 4.4%，特別是對我們的機構部門的影響。

As Phil mentioned, the lockdowns in some parts of the world have been tighter and longer than expected, materially impacting our foodservice and hospitality sectors. We're seeing a smaller impact of lockdowns in our F&B segment, but we're also cycling over a tough year-on-year comparison as the majority of lockdowns didn't start until Q2 2020. We are seeing some mix pressure at standard margin with foodservice and hospitality sectors in lockdown, which tend to have higher standard gross margins with a more service-intensive SG&A cost to serve.

正如菲爾所提到的，世界某些地區的封鎖比預期更嚴格、時間更長，這對我們的餐飲服務和酒店業產生了重大影響。我們看到封鎖對我們的餐飲部門的影響較小，但我們也經歷了艱難的同比比較，因為大多數封鎖直到 2020 年第二季度才開始。我們在標準水平上看到了一些混合壓力餐飲服務和酒店業處於封鎖狀態，這些行業的標準毛利率往往較高，服務密集型的銷售、一般管理費用也更高。

We've been able to manage our SG&A to effectively mitigate the downward pressure on mix and gross margin to ultimately deliver higher adjusted EBITDA margin in the quarter versus prior year. Our adjusted EBITDA was $93 million, up 0.5% versus prior year. And despite the revenue pressure from lockdowns and higher inflation, we were able to improve adjusted EBITDA margin year-over-year, growing 60 basis points to 14.7% and versus 2019, growing 630 basis points, thanks to growing infection prevention, pricing and cost control measures, both in supply chain and SG&A.

我們已經能夠管理我們的銷售及一般費用，以有效減輕組合和毛利率的下行壓力，最終在本季度實現比上一年更高的調整後 EBITDA 利潤率。我們調整後的 EBITDA 為 9300 萬美元，比上年增長 0.5%。儘管面臨封鎖和通脹上升帶來的收入壓力，但由於感染預防、定價和成本的不斷提高，我們仍能夠同比提高調整後 EBITDA 利潤率，增長 60 個基點至 14.7%，與 2019 年相比增長 630 個基點供應鍊和 SG&A 方面的控制措施。

On Page 14, digging into the segments a little deeper, let's talk about our Institutional segment. Institutional revenue of $468 million was 1.7% above Q1 2019 with gains in infection prevention more than offsetting the negative impact from lockdowns. Compared to 2020, revenue declined modestly in the quarter due to COVID-19 impact, as previously referenced, counterbalanced by continued strength in North America driven by infection prevention gains.

在第 14 頁，我們更深入地研究一下這些細分市場，我們來談談我們的機構細分市場。機構收入為 4.68 億美元，比 2019 年第一季度增長 1.7%，感染預防方面的收益足以抵消封鎖帶來的負面影響。與 2020 年相比，如前所述，由於 COVID-19 的影響，本季度收入略有下降，但北美地區在感染預防成果的推動下持續強勁，抵消了這一影響。

At the bottom right-hand side of the presentation, you see an example of an innovation in the infection prevention space that we are proud to highlight, Degragerm 24 Shield. This product uses advanced polymer technology to provide continuous disinfection of frequently touched surfaces for up to 24 hours. Given higher levels of hygiene standards and infection risk awareness, this product will be a great complement to our existing world-class infection prevention offerings. We believe we are the market leader in infection prevention and customers come to us for our differentiated products and value proposition.

在演示文稿的右下角，您可以看到我們自豪地強調的感染預防領域的創新示例，Degragerm 24 Shield。該產品採用先進的聚合物技術，可為經常接觸的表面提供長達 24 小時的持續消毒。鑑於更高水平的衛生標準和感染風險意識，該產品將成為我們現有的世界一流感染預防產品的重要補充。我們相信我們是感染預防領域的市場領導者，客戶來找我們是為了我們的差異化產品和價值主張。

In our Food & Beverage segment, our revenue of $164 million in the quarter grew 1.3% versus Q1 2020 and 3.7% versus 2019, while adjusted EBITDA margin grew 350 basis points versus 2020 and 560 basis points versus 2019. We continue to win accounts in this segment based on our scale, service execution and technical expertise globally. As an example of our continued innovation, we are very excited to have launched our IntelliCIP digital system. This system translates CIP measured data into statistical proven actions for reduction of water, energy and cleaning time while ensuring high-quality food standards. It is being used by customers in all F&B end markets. Feedback has been extremely positive, and we have a list of further implementations booked as customers are excited to take advantage of this offering.

在食品和飲料部門，本季度收入為 1.64 億美元，較 2020 年第一季度增長 1.3%，較 2019 年增長 3.7%，調整後 EBITDA 利潤率較 2020 年增長 350 個基點，較 2019 年增長 560 個基點。該細分市場基於我們在全球的規模、服務執行和技術專長。作為我們持續創新的一個例子，我們非常高興推出了 IntelliCIP 數字系統。該系統將 CIP 測量數據轉化為統計證明的行動，以減少水、能源和清潔時間，同時確保高質量的食品標準。所有餐飲終端市場的客戶都在使用它。反饋非常積極，我們已經預訂了進一步實施的列表，因為客戶很高興能夠利用此產品。

We expect to have a solid outlook for growth given our recent success in closing new business around the world, assuming lockdowns don't get stricter as we move through the year and markets reopen. As Phil mentioned, we have been training our teams in water treatment and are starting to see opportunities beginning to percolate as our workforce globally gets trained up throughout 2021. We estimate the water treatment opportunity could be roughly 20% of our core F&B, cleaning and hygiene products we sell into existing accounts.

鑑於我們最近在全球範圍內成功關閉了新業務，假設隨著這一年的推移和市場重新開放，封鎖不會變得更加嚴格，我們預計增長前景將保持穩健。正如菲爾提到的，我們一直在對我們的團隊進行水處理方面的培訓，並且隨著我們在全球的員工在 2021 年接受培訓，我們開始看到機會開始滲透。我們估計水處理機會可能占我們核心餐飲、清潔和服務的大約 20%。我們將衛生用品銷售到現有賬戶中。

Page 16 shows the bridge for Q1 2021 versus Q1 2020. Revenue declined primarily in Institutional is offset by favorable FX, given the weakening U.S. dollar against the euro and other currencies versus prior year. Additionally, we have some marginal inorganic growth coming from the Sanechem acquisition closed in December of 2020, and some carry from the Wypetech acquisition, which closed in July of 2020. Adjusted EBITDA growth of $1 million quarter-on-quarter was negatively impacted by Institutional top line and mix, offset by F&B margin accretion and a small benefit from FX and M&A and corporate management of costs from our earnings improvement program initiatives. Q1 tends to be our weakest quarter from a seasonality perspective, and we would expect our adjusted EBITDA to grow throughout 2021 on a quarter-over-quarter basis.

第 16 頁顯示了 2021 年第一季度與 2020 年第一季度的對比。考慮到美元兌歐元和其他貨幣較上年走弱，機構收入的下降主要被有利的外匯所抵消。此外，我們還有一些邊際無機增長來自 2020 年 12 月完成的 Sanechem 收購，還有一些來自 2020 年 7 月完成的 Wypetech 收購。調整後 EBITDA 環比增長 100 萬美元，受到機構投資者的負面影響。頂線和組合，被餐飲利潤增加以及外彙和併購以及我們的盈利改善計劃舉措的企業成本管理帶來的小額收益所抵消。從季節性角度來看，第一季度往往是我們最弱的季度，我們預計調整後的 EBITDA 將在 2021 年實現環比增長。

So let's shift to the balance sheet, cash flow and liquidity on Page 17. As you would imagine, the cash flow and balance sheet have some noise in them in Q1 due to our IPO. However, we can highlight the reduction in net debt leverage as we used roughly $650 million of IPO net proceeds to pay down debt or $720 million, including the proceeds from the greenshoe option exercised in April. Our net debt to adjusted EBITDA ratio was 4.7x at the end of Q1 and 4.5x if you include the proceeds from the shoe, which was executed in the first part of April. We expanded our revolving credit facility from $250 million to $450 million in conjunction with going public to expand our liquidity profile to $548 million at the end of Q1. Typically, Diversey tends to utilize cash in the first half of the year due to seasonality builds and tends to generate cash in the back half of the year. We would expect that to be the same in 2021.

因此，讓我們轉向第 17 頁的資產負債表、現金流和流動性。正如您所想像的，由於我們的 IPO，現金流和資產負債表在第一季度出現了一些噪音。然而，我們可以強調淨債務槓桿的減少，因為我們使用了大約 6.5 億美元的 IPO 淨收益來償還債務，即 7.2 億美元，其中包括 4 月份行使的綠鞋期權的收益。第一季度末我們的淨債務與調整後 EBITDA 的比率為 4.7 倍，如果算上 4 月上旬執行的鞋子的收益，則為 4.5 倍。我們將循環信貸額度從 2.5 億美元擴大到 4.5 億美元，同時上市，將我們的流動性狀況在第一季度末擴大到 5.48 億美元。通常，由於季節性因素，泰華施傾向於在上半年使用現金，並傾向於在下半年產生現金。我們預計 2021 年情況也會如此。

In 2020, we were able to grow adjusted EBITDA despite the challenges brought on by the pandemic. We believe 2021 full year adjusted EBITDA will be in line with our expectations at the time of the IPO. While some markets opened a little earlier than expected, helping Q1, other markets have been slower to open, which will influence Q2, bringing our H1 expectations back in line with our original plan. We expect H2 or the second half to also be in line with our original plan at the time of the IPO. Our outlook with respect to market share gains, growth initiatives and focus on commercial excellence leaves us positioned to be taking advantage of market recovery and potential tailwinds in the back half of 2021. As previously referenced, we expect adjusted EBITDA growth throughout 2021 on a quarter-on-quarter basis, assuming markets open as expected. We remain committed to margin expansion and expect to show margin accretion in 2021.

2020 年，儘管面臨疫情帶來的挑戰，我們仍實現了調整後 EBITDA 的增長。我們相信 2021 年全年調整後 EBITDA 將符合我們 IPO 時的預期。雖然一些市場開盤時間比預期早一些，這對第一季度有所幫助，但其他市場開盤速度較慢，這將影響第二季度，使我們上半年的預期回到原來的計劃。我們預計下半年或下半年也將符合我們IPO時的原計劃。我們對市場份額增長、增長計劃和對商業卓越的關注的前景使我們能夠利用 2021 年下半年的市場復甦和潛在的有利因素。如前所述，我們預計 2021 年全年調整後 EBITDA 將比季度增長假設市場按預期開市，則按季度計算。我們仍然致力於利潤率擴張，並預計 2021 年利潤率將有所增加。

With that, I'll give it back to Phil for a reminder of our long-term outlook before Q&A.

有了這個，我將把它還給菲爾，讓他在問答之前提醒我們的長期前景。

Thanks, Todd. Yes, before Q&A, I'd like to leave you with a quick summary of Diversey's growth algorithm on Page 18. We look forward to building on the estimated long-term market growth of around 3%, with market share gains on top from the drivers that I discussed earlier in the call. We target to grow another 2% per annum through accretive M&A. And we target to expand adjusted EBITDA margin to 20% at the average rate of 50 to 100 basis points per annum through our improved sourcing, strategic pricing, supply chain improvements and operational excellence through SG&A cost initiatives. This should generate strong free cash flow that we can use to delever over time with a medium-term net debt goal of 3x adjusted EBITDA.

謝謝，托德。是的，在問答之前，我想在第 18 頁上向您簡要介紹一下泰華施的增長算法。我們期待在預計的 3% 左右的長期市場增長的基礎上再接再厲，市場份額的增長將主要來自於我之前在電話中討論過的驅動程序。我們的目標是通過增值併購每年再增長 2%。我們的目標是通過 SG&A 成本計劃改進採購、戰略定價、供應鏈改進和卓越運營，以每年 50 至 100 個基點的平均速度將調整後 EBITDA 利潤率擴大至 20%。這應該會產生強勁的自由現金流，隨著時間的推移，我們可以用它來去槓桿化，中期淨債務目標為調整後 EBITDA 的 3 倍。

That concludes our formal remarks. Operator, please, will you begin the question-and-answer period?

我們的正式發言到此結束。接線員，請問您可以開始問答環節嗎？

(Operator Instructions) Our first question is from P.J. Juvekar with Citi.

（操作員說明）我們的第一個問題來自花旗集團的 P.J. Juvekar。

A question on your North American share and share gains. What's your share now? And can you distinguish between your efforts to gain share with bigger customers, like what you did with Aramark, versus smaller mom-and-pop businesses? What is the bigger opportunity for you?

關於您的北美份額和份額收益的問題。現在你的份額是多少？您能否區分您為贏得大客戶份額而做出的努力（例如您在愛瑪客所做的事情）與較小的夫妻店企業之間的區別？對你來說更大的機會是什麼？

Sure. Let me start there. So look, it's certainly true that we've taken some nice share over the last couple of years, particularly, I would say, in infection prevention, where we think we've got something like a 20% share of the market in North America, also taking some nice share outside of that, too. Thinking about the overall opportunity in terms of larger customers versus smaller, I think honestly, we target all parts of the market. It was great to win those large customers.

當然。讓我從這裡開始。所以看，過去幾年我們確實取得了一些不錯的份額，特別是在感染預防方面，我們認為我們在北美的市場份額約為 20% ，除此之外也取得了一些不錯的份額。考慮到大客戶與小客戶的整體機會，老實說，我認為我們的目標是市場的所有部分。贏得這些大客戶真是太好了。

As you know, that gave us the ability to put in place the infrastructure and the sales and service force right across North America. And we're using that now as we win other customers. But it's also true to say that we're picking up a lot of smaller customers, too. And we're not -- we don't discriminate in that respect. We're keen. As long as the customer has the right attributes, we can build a long-term partnership at the right margins, then we're happy -- then we work with all customers.

如您所知，這使我們能夠在整個北美地區建立基礎設施以及銷售和服務隊伍。我們現在正在使用它來贏得其他客戶。但也確實如此，我們也吸引了很多小客戶。我們在這方面沒有歧視。我們很熱心。只要客戶具有正確的屬性，我們就可以以適當的利潤建立長期合作夥伴關係，然後我們就會很高興 - 然後我們與所有客戶合作。

Okay. And it was good to see you got a new global win in water treatment. Can you talk about this win and what's in the pipeline with your Solenis partnership?

好的。很高興看到您在水處理領域取得了新的全球胜利。您能談談這次勝利以及您與索理思的合作夥伴計劃中的進展嗎？

Yes. So look, I mean, we were delighted, honestly. We had a number of smaller wins very early. We hadn't actually expected to start winning by this point. And then as part of an existing business process, we were able to start a conversation about water treatment with a large customer -- a large existing customer in Africa. And once we explained the proposition, the products and the service, that customer was really excited, and we closed that deal 2 or 3 weeks ago. So yes, look, it's a very promising start. It is only a start. There's a huge amount more work to do. As Todd said, we're rolling out the training right across our F&B workforce. But look, we're ahead of where we plan to be. And I think to some extent, it sort of validates our approach here, but of course, I'll feel much better when we've got a few more under our belt.

是的。所以說，我的意思是，說實話，我們很高興。我們很早就取得了一些較小的勝利。我們實際上並沒有想到會在此時開始獲勝。然後，作為現有業務流程的一部分，我們能夠與一個大客戶（非洲的一個現有大客戶）開始有關水處理的對話。一旦我們解釋了我們的主張、產品和服務，客戶就非常興奮，我們在兩三週前完成了這筆交易。所以，是的，看，這是一個非常有希望的開始。這只是一個開始。還有大量工作要做。正如托德所說，我們正在對我們的餐飲員工進行培訓。但是看，我們已經領先於我們的計劃了。我認為在某種程度上，這驗證了我們的方法，但當然，當我們有了更多的成果時，我會感覺好多了。

Our next question is from Vincent Andrews with Morgan Stanley.

我們的下一個問題來自摩根士丹利的文森特·安德魯斯。

Wondering if you can just provide a little bit more color about the segment margins in the quarter. Obviously, Institutional was down a fair amount, both sequentially and year-over-year, whereas Food & Beverage was up a lot, both sequentially and year-over-year. So what was the divergence there? You mentioned a few things in the prepared remarks. But could you speak a little bit more specifically about what was happening there and how you expect it to progress across the balance of the year that will get you to margin expansion for the total company?

想知道您是否可以提供有關本季度細分利潤率的更多信息。顯然，機構業務無論是環比還是同比都下降了相當多的金額，而食品和飲料無論是環比還是同比都上升了很多。那麼其中的分歧是什麼呢？您在準備好的發言中提到了一些事情。但您能否更具體地談談那裡發生的事情，以及您預計它在今年餘下的時間裡將如何取得進展，從而使整個公司的利潤率擴大？

Yes. No, let me do that. Let me start with F&B, where, as you said, the margins were particularly strong. I've said before, we had a really great 2020 in Food & Beverage, we won a lot of new business and that has carried on into 2021. We actually were able to implement some of these new wins a bit earlier than we originally anticipated. We also saw a bit of reopening in some of the African markets, and that also helped our top line. And actually, this extra top line from those reopenings and also from implementing these wins earlier, that slowed down very nicely. And that's a critical reason why our margins were particularly strong in F&B.

是的。不，讓我這樣做。讓我從餐飲業開始，正如您所說，該行業的利潤率特別高。我之前說過，我們在食品和飲料領域度過了非常美好的 2020 年，我們贏得了很多新業務，並且這些業務一直持續到 2021 年。實際上，我們能夠比我們最初預期的更早地實現其中一些新業務。我們還看到一些非洲市場重新開放，這也有助於我們的營收。事實上，這些重新開放以及更早實現這些勝利所帶來的額外收入，已經很好地減緩了。這就是我們在餐飲領域的利潤率特別高的一個關鍵原因。

On the other side, in Institutional, the -- obviously impacted by lockdowns, as we said. We did see the infection prevention opportunity in North America, particularly strong. We were able to sell in higher volumes than we originally expected as some of the markets like education, infection prevention, opened a bit faster. And we did incur some additional costs in getting the much higher volumes than anticipated out earlier. So we had to, for example, air freight, some product around the world. We had to pay some of our third parties some additional overtime costs, et cetera. So those things had a small impact on the Institutional margin progression. But those things were all short-term in nature. They impacted Q1. We've now been able to grow our supply chain so that we can now manage the higher volume levels on a sustainable basis. So we don't expect any more of those costs going forward. I hope that makes some sense.

另一方面，正如我們所說，在機構方面，顯然受到了封鎖的影響。我們確實看到北美的感染預防機會特別強大。由於教育、感染預防等一些市場的開放速度更快，我們的銷售量超出了我們最初的預期。為了獲得比之前預期高得多的產量，我們確實付出了一些額外的成本。例如，我們必須通過空運，將一些產品運送到世界各地。我們必須向一些第三方支付一些額外的加班費等等。因此，這些事情對機構利潤率的進展影響很小。但這些事情本質上都是短期的。他們影響了第一季度。我們現在已經能夠發展我們的供應鏈，以便我們能夠在可持續的基礎上管理更高的產量水平。因此，我們預計未來不會再有更多此類成本。我希望這是有道理的。

Sure. And maybe just as a follow-up, could you give us a little bit of a sense of price versus volume in the segments and what you're anticipating for the balance of the year and maybe more specifically as it relates to how much price work do you think you need to do to offset raw material inflation?

當然。也許作為後續行動，您能否讓我們了解一下各細分市場的價格與銷量以及您對今年剩餘時間的預期，也許更具體地說，因為它與價格發揮作用有關您認為需要採取哪些措施來抵消原材料通脹？

Yes. No, look, I can certainly do that. Maybe let me start if you were talking about inflation, then come back into price. So it's certainly true that we saw real inflation in the market above the long-term averages. We did predict coming into the year, some higher inflation, and therefore, we came out of the gate implementing pricing more than we might otherwise have done. But as it's turned out, inflation has been even higher than we predicted, and therefore, we had to action additional measures to mitigate that.

是的。不，看，我當然能做到。如果你在談論通貨膨脹，也許讓我開始，然後再回到價格。因此，我們確實看到市場的實際通脹高於長期平均水平。我們確實預測今年通脹會上升，因此，我們一開始就實施了比原本可能採取的更多定價措施。但事實證明，通貨膨脹甚至高於我們的預期，因此，我們必須採取額外措施來緩解這種情況。

I think it's also worth remembering, though, that if you're looking at the overall input cost inflation, there is a real geographical spread here. The Americas saw the highest inflation, was obviously the most impacted by the Texas freeze, with lower inflation in emerging markets and also in Europe. So given our business mix, it's important to remember that the U.S. inflation headlines are not necessarily a good indicator of what we're seeing in our overall global position. Remember, the U.S. is only about 25% of our business.

不過，我認為還值得記住的是，如果你關注總體投入成本通脹，就會發現這裡存在真正的地理分佈。美洲的通脹率最高，顯然受德克薩斯州冰凍影響最大，新興市場和歐洲的通脹率較低。因此，考慮到我們的業務組合，重要的是要記住，美國通脹頭條新聞不一定能很好地表明我們的全球整體地位。請記住，美國市場僅占我們業務的 25% 左右。

So to maybe give you a few more numbers, we saw actually, in the first quarter, somewhere a bit less than 2% on cost. We saw a similar amount on price. That might drift a little bit up in the second quarter. And then we expect to see that moderating before coming down again in the back half of the year. Probably the other thing I would just say on this topic, it's worth noting that our sourcing initiatives have been really helpful here. I think we mentioned in the presentation, we've been consolidating formally, and that's allowed us to bundle volume, which we haven't been able to do before and therefore, move that volume around between suppliers. And that's helped us significantly improve on input costs. And that, overall, is going to be really helpful as we go through the rest of this year as well.

因此，也許可以給您更多的數字，我們實際上看到，在第一季度，成本略低於 2%。我們在價格上看到了類似的金額。第二季度這一數字可能會略有上升。然後我們預計這種情況會有所緩解，然後在今年下半年再次下降。關於這個話題，我可能要說的另一件事是，值得注意的是，我們的採購計劃在這裡非常有幫助。我想我們在演示中提到，我們一直在正式整合，這使我們能夠捆綁銷量，這是我們以前無法做到的，因此可以在供應商之間轉移該銷量。這幫助我們顯著改善了投入成本。總的來說，這對於我們度過今年剩餘的時間也將非常有幫助。

Our next question is from Manav Patnaik with Barclays.

我們的下一個問題來自巴克萊銀行的 Manav Patnaik。

Phil, I just wanted to follow up on the water treatment cross-sell opportunity you called out in the slide. Just hoping you could size that a bit more and kind of how you cross-sell into that cleaning and hygiene category.

菲爾，我只是想跟進您在幻燈片中提到的水處理交叉銷售機會。只是希望您能稍微考慮一下如何交叉銷售清潔和衛生類別。

Yes. So that win is somewhere between $1.5 million and $2 million once fully rolled out. To be clear, there's none of that revenue in the Q1 numbers. It takes some time to do that. In terms of how we go about it, I think the beauty of the relationship that we have with Solenis is that we are the single point of contact with the customer. So what we now effectively have is a full range of the water treatment and wastewater treatment products that we can take customers alongside our other cleaning and hygiene products. So it's a real kind of seamless offer with only one touch point for the customer, with the Diversey sales team, to get the full breadth of the new offer. And that seems relevant and significant. And that's certainly been a really interesting dynamic for customers and something that we've had a lot of early positive feedback about.

是的。因此，一旦全面推出，獲勝金額將在 150 萬至 200 萬美元之間。需要明確的是，第一季度的數據中沒有這些收入。這需要一些時間。就我們的處理方式而言，我認為我們與索理思之間關係的美妙之處在於我們是與客戶的單一聯繫點。因此，我們現在有效擁有的是全系列的水處理和廢水處理產品，我們可以將這些產品與我們的其他清潔和衛生產品一起提供給客戶。因此，這是一種真正的無縫優惠，客戶只需通過泰華施銷售團隊的一個接觸點即可獲得全面的新優惠。這似乎是相關且重要的。對於客戶來說，這無疑是一個非常有趣的動態，我們已經收到了很多早期的積極反饋。

Okay. Got it. And Todd, I just want to follow up. It sounds like the organic growth was slightly worse driven by Institutional, but then FX and M&A were better. So I was just hoping you could help us what we should be assuming for the M&A contribution for the rest of the year and perhaps how you're thinking about FX as well.

好的。知道了。托德，我只想跟進。聽起來機構驅動的有機增長稍差，但外彙和併購則更好。因此，我只是希望您能幫助我們了解今年剩餘時間的併購貢獻應該如何假設，以及您對外彙的看法。

Yes. Let me start with FX. I think, clearly, in the year-to-date, we have favorable FX for the total business. And at spot rates, we would expect that trend to continue as we look out into the year. In the first quarter, FX had, and you can see in the Q1, I think, Page 46, on a consolidated basis, roughly 2.4% impact favorable on the business in the quarter. And I think as we think about M&A going forward, we're excited about the opportunity in M&A. I probably should first start with we're pleased with how our recent acquisitions are progressing. In particular, we closed on Sanechem at the end of the year, roughly 5 months ago. That's developing as expected, both in terms of underlying performance and synergies.

是的。讓我從外匯開始。我認為，顯然，今年迄今為止，我們的整體業務有有利的匯率。以即期匯率計算，我們預計這一趨勢將在展望今年時繼續下去。在第一季度，外匯對本季度的業務產生了大約 2.4% 的有利影響，我認為，第 46 頁，您可以在第一季度看到這一點。我認為，當我們考慮未來的併購時，我們對併購的機會感到興奮。我可能應該首先說我們對最近收購的進展感到滿意。特別是，我們在年底（大約 5 個月前）關閉了 Sanechem。無論是在基本績效還是協同效應方面，這都在按預期發展。

As a reminder, for those that may be new to Diversey, we look for a number of things in an acquisition beyond the financials. First, strategic control of supply chain for a market so we can deliver with excellence for our customers, also product or technology additions for the whole group or strengthening of a core geography and/or acquiring talent. Sanechem checked the box there on geographical objective. As you've heard, Poland is 1 of our 7 target growth geographies for F&B.

提醒一下，對於那些可能剛接觸泰華施的人來說，我們在收購中尋找的不僅僅是財務方面的一些東西。首先，對市場供應鏈進行戰略控制，以便我們能夠為客戶提供卓越的服務，為整個集團提供產品或技術補充，或者加強核心地域和/或獲取人才。 Sanechem 在地理目標上勾選了複選框。如您所知，波蘭是我們的 7 個餐飲增長目標地區之一。

In terms of our funnel, we're really happy about where it is right now. We would expect to do some reasonable M&A this year. In our road show, we called out long-term that we wanted roughly a couple of points of growth coming out of M&A annually. We're ramping that up as we speak. This is probably the hardest year to do that because we're ramping. We're extremely excited about the implication of the profile of those types of deals going forward and how they can be extremely shareholder value-accretive on a tuck-in basis. So we expect to have some positive news in the very near future with respect to M&A. But I wouldn't want to comment on those before we close those deals.

就我們的渠道而言，我們對目前的狀況感到非常滿意。我們預計今年會進行一些合理的併購。在我們的路演中，我們長期呼籲每年通過併購實現大約幾個百分點的增長。正如我們所說，我們正在加大力度。今年可能是最難做到這一點的一年，因為我們正在加速。我們對此類交易的未來前景以及它們如何在投入的基礎上極大地增加股東價值感到非常興奮。因此，我們預計在不久的將來會出現一些有關併購的積極消息。但在我們完成這些交易之前，我不想對這些發表評論。

Our next question is from George Tong with Goldman Sachs.

我們的下一個問題來自高盛的 George Tong。

In your Food & Beverage segment, you mentioned record net new business wins in the quarter. Can you elaborate on what's driving the new wins and how much is coming from water treatment?

在食品和飲料部門，您提到了本季度創紀錄的淨新業務增長。您能否詳細說明是什麼推動了新的勝利以及水處理帶來了多少收益？

Yes, yes, I certainly can. Let me firstly say, water treatment is in the very early days. And as I said, we're ahead of schedule. We've got a number of small wins and one global account win. But that is not yet a significant part of what we're winning. If you go back to why are we winning, look, I think it's a combination of great product and service, a service that we deliver consistently day in, day out, week in, week out to customers, the fact that we are there for them whenever they need us and that builds real trust.

是的，是的，我當然可以。首先我要說的是，水處理還處於早期階段。正如我所說，我們比計劃提前了。我們取得了一系列小型勝利和一項全球客戶勝利。但這還不是我們所取得的勝利的重要組成部分。如果你回到我們為什麼獲勝的問題，你看，我認為這是出色的產品和服務的結合，我們日復一日、周復一周地為客戶提供始終如一的服務，事實上，我們一直在為客戶提供服務。每當他們需要我們時，他們都會提供幫助，這建立了真正的信任。

And customers, more and more, are seeing the differentiation that Diversey can offer in that space. We're becoming increasingly good at explaining it to potential new customers, making commitments around that. And we're seeing that having a real impact in the market. We're basically delivering on the promises, and that is, I think, increasingly understood in the market. That's been really the key reason.

越來越多的客戶看到泰華施在該領域提供的差異化優勢。我們越來越擅長向潛在的新客戶解釋這一點，並圍繞這一點做出承諾。我們看到這對市場產生了真正的影響。我們基本上正在兌現承諾，我認為市場越來越理解這一點。這確實是關鍵原因。

Right. I guess just a follow-up on that. What specific product areas within Food & Beverage are you seeing the most traction with that's driving the net new business wins?

正確的。我想這只是後續行動。您認為食品和飲料領域的哪些具體產品領域最具吸引力，能夠推動淨新業務的增長？

George, the most encouraging thing is that it isn't really specific areas. We're strong in processed food, in dairy, in alcoholic beverage, nonalcoholic beverage, were strong around the world. And we've really seen a nice breadth of wins. If I was to point to the most pleasing thing, I would say it's the amount of new business we've won in North America because that has traditionally been our weakest marketplace. We're working hard there to build up our infrastructure to make sure that we can deliver the best possible service. And that seems to be working. But it's true to say that we've won in all of our sectors and in all of our regions, so we feel really good about that.

喬治，最令人鼓舞的是，它並不是真正的特定領域。我們在加工食品、乳製品、酒精飲料、非酒精飲料領域表現強勁，在全球範圍內都很強大。我們確實看到了廣泛的勝利。如果要我指出最令人高興的事情，我會說這是我們在北美贏得的新業務量，因為北美歷來是我們最薄弱的市場。我們正在努力建設我們的基礎設施，以確保我們能夠提供最好的服務。這似乎正在發揮作用。但可以說，我們在所有行業和所有地區都取得了勝利，所以我們對此感覺非常好。

Our next question is from Gary Bisbee with Bank of America.

我們的下一個問題來自美國銀行的加里·比斯比。

So I guess could you give us a progress update on the global rollout of the infection prevention portfolio? Did all of the capacity you were looking to bring online, is that online for the liquid and the wipes solutions? And how is that going, trying to get that out in the market?

那麼我想您能給我們介紹一下感染預防產品組合在全球推廣的最新進展嗎？您希望在線提供的所有產能是否都在線用於液體和擦拭巾解決方案？試圖將其推向市場的進展如何？

Yes, sure. So the short answer is yes. So we're now able to manufacture and sell right around the world, so we've rolled out in addition to what we were already doing in North America. As you know, we added Wypetech last year. We're now manufacturing in Brazil, in Turkey, in the UAE, India and China, and of course, in Europe, in the Netherlands. So we've got the supply chain now that we wanted, and we're starting to see sales happening, too.

是的，當然。所以簡短的回答是肯定的。因此，我們現在能夠在世界各地進行生產和銷售，因此，除了我們在北美已經做的事情之外，我們還推出了其他產品。如您所知，我們去年添加了 Wypetech。我們現在在巴西、土耳其、阿聯酋、印度和中國，當然還有歐洲和荷蘭進行製造。現在我們已經擁有了我們想要的供應鏈，並且我們也開始看到銷售的發生。

It's tough launching some of these businesses around the world in a fully locked-down environment, particularly in Europe. You see, a lot of the people you want to be speaking to, the businesses are not operating with people on furlough, et cetera. But we are starting to see some really quite interesting upturns in our sales. So yes, we feel really well positioned actually as the markets reopen to leverage both the selling teams and the manufacturing infrastructure and the regulatory approvals that actually a significant amount of work went into last year. So yes, we feel quite well set.

在完全封鎖的環境中，在世界各地開展其中一些業務非常困難，尤其是在歐洲。你看，很多你想與之交談的人，企業都沒有與休假的人一起經營，等等。但我們開始看到我們的銷售出現了一些非常有趣的好轉。所以，是的，隨著市場重新開放，利用銷售團隊、製造基礎設施以及監管部門的批准，我們實際上感覺處於有利位置，而這些工作實際上是去年投入的大量工作。所以，是的，我們感覺一切都很好。

And just digging a little deeper into that, is the play really to sell these better offerings into the existing base of customers and relationships and maybe replacing something you were providing or having it be incremental? Or are there other market segments that are the key users of these products, where you need to build the relationship to really drive the goal penetration of that product category?

更深入地研究一下，這個遊戲真的是為了將這些更好的產品出售給現有的客戶和關係基礎，並可能取代你所提供的東西或讓它增量嗎？或者是否有其他細分市場是這些產品的關鍵用戶，您需要在其中建立關係以真正推動該產品類別的目標滲透？

So yes, good question. It's really both. So for example, with existing customers, so let's take, for example, the business service contracting segment. There, we are helping those customers to further differentiate as they look to compete in their market. So we're able to build new propositions for them to help them win using the AHP technology. But then there are other areas. So we've had some nice success with distributors, for example, in their warehouses as they are using our products increasingly, many of those are new customers to us. But they've been really interested in both the efficacy and the safety of our product as it's being used in a high-intensity environment. So look, it's both, and we're pushing hard on both actually at the moment. And yes, we expect that to continue to accelerate.

所以是的，好問題。確實是兩者兼而有之。例如，對於現有客戶，我們以業務服務承包部門為例。在那裡，我們正在幫助這些客戶在市場競爭中進一步實現差異化。因此，我們能夠使用 AHP 技術為他們制定新的主張，幫助他們獲勝。但還有其他領域。因此，我們在經銷商方面取得了一些不錯的成功，例如，在他們的倉庫中，因為他們越來越多地使用我們的產品，其中許多是我們的新客戶。但他們對我們產品的功效和安全性非常感興趣，因為我們的產品在高強度環境中使用。所以看，兩者兼而有之，我們目前實際上正在努力推動這兩方面的發展。是的，我們預計這一趨勢將繼續加速。

(Operator Instructions) Our next question is from Andy Wittmann with Baird.

（操作員說明）我們的下一個問題來自貝爾德 (Baird) 的安迪·維特曼 (Andy Wittmann)。

I guess -- where do I want to start? We were just talking about net new in the Food & Beverage side. Maybe, Phil, if you could just touch on what you're seeing on the Institutional side of the business. I heard some comments in your prepared remarks overall about great retention levels. Clearly, that was a factor all through last year. It sounds like it's a factor here but no comments on the net new on that side so I thought I'd give you a chance to talk about what you're seeing there.

我想——我想從哪裡開始呢？我們剛剛談論的是食品和飲料方面的淨新。也許，菲爾，如果你能談談你在業務的機構方面看到的情況的話。我在您準備好的發言中聽到了一些關於高保留率的評論。顯然，這是去年全年的一個因素。聽起來這是一個因素，但在網絡上沒有新的評論，所以我想我會給你一個機會來談談你在那裡看到的東西。

Yes, Andy. Look, thanks for that. So the Institutional has been going strongly on that front, too. If I look at the new wins compared to any losses, there's a very significant ratio there. In fact, I struggle to point at any significant losses that we've been seeing. On the new win side, we've really seen some nice foodservice wins. I don't just mean the North America business. We had a very significant win in Europe, a double-digit million win there that we completed over the first few months. And also, we've been pushing more and more into care homes. We have some nice success there. So again, none of this is in our numbers. As you know, these things take some time to implement. But it does suggest that the proposition is working well, and it does suggest that we're building some really nice momentum.

是的，安迪。瞧，謝謝你。因此，機構在這方面也一直在大力推進。如果我將新的勝利與任何損失進行比較，就會發現比率非常顯著。事實上，我很難指出我們所看到的任何重大損失。在新的勝利方面，我們確實看到了一些不錯的餐飲服務勝利。我指的不僅僅是北美業務。我們在歐洲取得了非常重大的勝利，在最初的幾個月裡我們就取得了兩位數的勝利。而且，我們一直在推動越來越多的機構進入療養院。我們在那裡取得了一些不錯的成功。再說一遍，這些都不在我們的數據中。如您所知，這些事情需要一些時間來實施。但這確實表明該提議運作良好，並且確實表明我們正在建立一些非常好的勢頭。

That's helpful. And then just for my follow-up, maybe, Todd, this one's for you. We've talked -- you've talked here, although there's been questions on the margins. Raw materials obviously is a focus on people's minds. But I want to go a little bit different direction. Just talk about, given that we're still a little bit under a COVID cloud here, at least in the quarter, was there anything in the margins that would be unusually beneficial? I know the depths of last year had seen some -- sorry, I cut out there for a second.

這很有幫助。然後，對於我的後續行動，托德，也許這個是給你的。我們已經談過——你也在這裡談過，儘管存在一些邊緣問題。原材料顯然是人們心目中的一個焦點。但我想走一點不同的方向。只是談談，考慮到我們仍然處於新冠疫情的陰雲之下，至少在本季度，利潤中有什麼是異常有利的嗎？我知道去年的深度已經看到了一些——抱歉，我暫時中斷了。

There were some challenges that lots of companies had furloughs and other things like that. I was wondering if there's anything in the quarter this year that you did that would be considered a little unusual that would come back next quarter or maybe next year at this time, just that you had to do because some of the COVID challenges. Certainly, travel has been something lots of companies have called out. But I was wondering if there's anything besides that that's notable in the margin profile here.

許多公司都面臨著一些挑戰，比如休假等。我想知道今年這個季度你們所做的任何事情是否會被認為有點不尋常，這些事情會在下個季度或者明年這個時候出現，只是因為一些新冠疫情的挑戰，你們必須這樣做。當然，旅行已經成為很多公司都大力提倡的領域。但我想知道除此之外是否還有其他值得注意的利潤概況。

Yes. Maybe it's worth talking just for a moment about gross margin. You've heard Phil talk about how we're dealing with raw material inflation and pricing. And actually, I think when you look down at the gross margin mix in the quarter, you'll see some degradation, VPY, year-on-year. And that's really driven by mix. Certain sectors like foodservice and hospitality, given the lockdowns, tend to have higher gross margins because they also have some higher service requirements on those applications.

是的。也許值得稍微談談毛利率。您已經聽菲爾談論我們如何應對原材料通脹和定價。事實上，我認為當你查看本季度的毛利率組合時，你會發現 VPY 同比有所下降。這確實是由混合驅動的。鑑於封鎖，某些行業（例如餐飲服務和酒店業）往往具有更高的毛利率，因為它們對這些應用程序也有更高的服務要求。

And that probably has the most to do with the gross margin challenges in the quarter, along with some of the weather-related and supply-related challenges to get our customer service in North America infection prevention. Those were the 2 kind of main drivers of gross margin in the quarter. As a result, at times of significant mix changes, it's less informative to look at gross margin because we also then had much more favorable SG&A management, as you'll see, which allowed us to improve 60 basis points year-on-year in Q1 with, I'd say, really good cost discipline.

這可能與本季度的毛利率挑戰，以及我們在北美感染預防方面的客戶服務所面臨的一些與天氣相關和供應相關的挑戰有關。這是本季度毛利率的兩種主要驅動因素。因此，在發生重大組合變化時，毛利率所提供的信息較少，因為我們當時也有更有利的 SG&A 管理，正如您將看到的，這使我們能夠同比提高 60 個基點我想說，第一季度的成本紀律非常好。

There was a one -- there was a charge related to the IPO that had an 80 basis point impact approximately on gross margin negative in the quarter in relation to comp charges related to the IPO. So that's worth noting the other way versus what you're saying. So I think that's probably the color, and I would agree, as that $400 million in the base comes back, we will need to add some discretionary spend like T&E back into the business. But the bulk of the furlough is out of the numbers right now. It was mainly supportive last year in Q2 and some into Q3. And so I just think we had a pretty disciplined quarter that balanced some of that mix change with the cost to serve in those application-service-intense kind of sectors. Does that make sense?

有一個與 IPO 相關的費用，與 IPO 相關的補償費用相比，對該季度的毛利率產生了大約 80 個基點的負面影響。因此，與您所說的相反，值得注意的是。所以我認為這可能就是顏色，我同意，隨著基礎資金的 4 億美元回來，我們將需要在業務中增加一些可自由支配的支出，例如差旅費和娛樂費。但目前大部分休假都超出了數字。去年第二季度主要是支持性的，第三季度也有一些支持。因此，我認為我們度過了一個非常嚴格的季度，平衡了一些組合變化與這些應用程序服務密集型行業的服務成本。那有意義嗎？

It does. Very much. Thank you very much for the context there.

確實如此。非常。非常感謝您提供的背景。

Our next question is from Jeff Zekauskas with JPMorgan.

我們的下一個問題來自摩根大通的 Jeff Zekauskas。

Why are your inventories up so much? That is it looks like they went up 12% sequentially and maybe they're 40% up year-over-year. And your volumes are down. What's going on there?

為什麼你們的庫存增加這麼多？也就是說，看起來它們連續上漲了 12%，也許同比上漲了 40%。而且你的銷量也下降了。那裡發生了什麼事？

Yes, Phil, maybe I can...

是的，菲爾，也許我可以……

Yes, I think that I could -- yes, you -- Todd, you go. You go.

是的，我想我可以——是的，你——托德，你走吧。你去。

Yes. I was going to say, maybe I could take that one. I'd say to you that the uneven demand and extended lockdowns related to COVID have not helped our inventory situation. Our #1 objective is to service our customers. And so we, during this time, have wanted to make sure that we had the right inventory specific to those COVID-related type SKUs. But also, I'll come back to my introductory point on seasonality. Q1 tends to be our lighter quarter. And so we always have a build quarter-on-quarter.

是的。我想說，也許我可以接受那個。我想說的是，與新冠疫情相關的需求不均和長期封鎖並沒有改善我們的庫存狀況。我們的第一目標是為客戶提供服務。因此，在此期間，我們希望確保擁有針對那些與新冠病毒相關的類型 SKU 的正確庫存。而且，我還會回到我關於季節性的介紹點。第一季度往往是我們業績較輕的季度。因此，我們總是按季度進行構建。

And especially this year as there's some uncertainty to the pace at which markets reopen, we've chosen to invest in inventory so that as those markets open, we're able to relatively quickly service the demands of those sectors that have been down. So we've made it a priority to be ready, have the right products at the right place at the right time when our customers need it. And so I would also caveat that by also saying by the second half, we would also expect to make progress in bringing that inventory down prior to year and is reflected in how we're thinking about cash flow for the year.

尤其是今年，由於市場重新開放的速度存在一些不確定性，我們選擇投資於庫存，以便隨著這些市場的開放，我們能夠相對快速地滿足那些已經下滑的行業的需求。因此，我們將做好準備作為首要任務，在客戶需要時在正確的地點、正確的時間提供正確的產品。因此，我還想指出的是，到下半年，我們還希望在去年之前降低庫存方面取得進展，這也反映在我們對今年現金流的考慮中。

Okay. In your outlook you said that your 2021 full year will be in line with your expectations at the time of the IPO. Can you remind me what your expectations were? And what are your expectations for the year in terms of EBITDA?

好的。您在展望中表示，2021 年全年業績將符合您 IPO 時的預期。你能提醒我你的期望是什麼嗎？您對今年的 EBITDA 有何期望？

We didn't provide specific guidance on absolute numbers in that respect. We just talked about the fact that -- what we'd expect on the top line and that we'd expect that margins would continue to expand. And I think the point of describing it, as we did, was to explain to you that we are trading, in the first quarter, above our expectation. And while the lockdowns are going to be tougher in Q2 than we expected, we think that will balance out. And we'll still be making the progress as we hit the halfway point of the year that we expected.

我們沒有就這方面的絕對數字提供具體指導。我們剛剛談到了這樣一個事實——我們對營收的預期以及我們預計利潤率將繼續擴大。我認為，正如我們所做的那樣，描述它的目的是向您解釋我們第一季度的交易超出了我們的預期。雖然第二季度的封鎖將比我們預期的更加嚴厲，但我們認為這將會平衡。當我們達到我們預期的今年過半時，我們仍將取得進展。

Really to make sure that you understand that overall, the lockdown situation, we don't think is something that's going to cause us ultimately more pain this year. And the high input costs or Texas freeze isn't something that we can't overcome this year. We feel good about managing through both of those situations. The only thing that we did add was that we grew 18% in 2020 versus 2019, and we expect to see some further growth in '21 of adjusted EBITDA versus '20. And of course, we'll continue to give you updated view on that as we go through the year.

確實，為了確保您了解總體而言，封鎖情況，我們認為今年最終不會給我們帶來更多痛苦。高投入成本或德克薩斯州的凍結並不是我們今年無法克服的問題。我們對應對這兩種情況感覺良好。我們唯一補充的是，2020 年我們比 2019 年增長了 18%，我們預計 21 年調整後 EBITDA 與 20 年相比將進一步增長。當然，我們將在這一年中繼續向您提供對此的最新看法。

Our next question is from Laurence Alexander with Jefferies.

我們的下一個問題來自勞倫斯·亞歷山大和杰弗里斯。

Could you just give updated views on how quickly you grow your sales force this year and over the next 3 years and also how you're thinking about the degree of differentiation you have in chemistry, software or machinery for the water treatment value proposition?

您能否就今年和未來 3 年銷售隊伍的增長速度提供最新的看法，以及您如何考慮水處理價值主張在化學、軟件或機械方面的差異化程度？

Yes. Sure. Let me start. So look, in terms of the sales force, we've had a significant strategic driver on commercial excellence. And that is leading us to really more change the mix of our sales force. So really between what we call farmers and hunters. So that doesn't necessarily result in a significant increase in the number of people in our core business, just a mix in the skills and talent and experience of those people. There are, though, some areas where we do expect to increase the number of salespeople. So in our global accounts area, we would expect to grow a little bit. In some of the emerging markets, we think we have a real opportunity. And also, we've identified 7 geographies in the Food & Beverage business, where we expect to grow. But we're not talking about enormous increases in cost overall. They're pretty targeted and focused where we think we can get a really great return on that.

是的。當然。讓我開始吧。因此，就銷售隊伍而言，我們在商業卓越方面擁有重要的戰略驅動力。這促使我們進一步改變銷售隊伍的結構。所以實際上是我們所說的農民和獵人之間的關係。因此，這並不一定會導致我們核心業務的人員數量顯著增加，而只是這些人員的技能、才能和經驗的混合。不過，在某些領域我們確實希望增加銷售人員的數量。因此，在我們的全球賬戶領域，我們預計會有所增長。在一些新興市場，我們認為我們有真正的機會。此外，我們還確定了食品和飲料業務的 7 個地區，我們預計將在這些地區實現增長。但我們並不是在談論總體成本的大幅增加。他們非常有針對性，並且專注於我們認為可以獲得真正豐厚回報的領域。

If I come to your second question, which I think was around the differentiation in water treatment, look, I think we feel really, really well positioned in the whole of the Food & Beverage area in respect of what we bring to the customers. I talked about the service a bit earlier. But if I look at the OnGuard system that we have that we get from Solenis, if I look at the IntelliCIP that Todd mentioned that we've launched, we're -- we feel really well positioned against all our competitors.

如果我談到你的第二個問題，我認為這是圍繞水處理差異化的問題，我認為就我們為客戶帶來的東西而言，我們在整個食品和飲料領域處於非常非常有利的位置。我之前談到過這項服務。但是，如果我看看我們從索理思獲得的 OnGuard 系統，如果我看看 Todd 提到的我們推出的 IntelliCIP，我們感覺我們在與所有競爭對手的競爭中處於有利地位。

Our next question is from Arun Viswanathan with RBC Capital Markets.

我們的下一個問題來自 RBC 資本市場的 Arun Viswanathan。

Congrats on a good first quarter here. So I guess I don't know if this has been addressed yet, apologies. But I was just looking at Slide 29, many of the improvement plans you have for margins longer term, I think, going to that 17% range. Could you provide an update on how you're tracking on some of those? I think it was $100 million in total. And if COVID and some of the lockdowns or maybe even the reopenings have affected that trajectory at all.

祝賀第一季度表現良好。所以我想我不知道這個問題是否已經得到解決，抱歉。但我只是看幻燈片 29，我認為，你們對長期利潤率的許多改進計劃將達到 17% 的範圍。您能否提供有關如何跟踪其中一些的最新信息？我想總共是一億美元。如果新冠疫情和一些封鎖，甚至重新開放對這一軌跡產生了影響。

Todd, do you want to pick that one up in the first instance?

托德，你想首先選擇那個嗎？

Sure. Well, first, I'd start with we're making the margin progression that we hoped to. In the first quarter, we saw that improvement at the bottom line to 60 basis points. So this year, starting out in that range of 50 to 100 that we suggested we would target, that's going to change quarter-on-quarter depending on different variables. But we're off to a start there that is in line with what we expect.

當然。好吧，首先，我首先要說的是我們正在實現我們希望的利潤增長。第一季度，我們看到利潤改善至 60 個基點。因此，今年，從我們建議的目標 50 到 100 的範圍開始，這將根據不同的變量逐季變化。但我們的開始符合我們的預期。

We do believe that, as we've stated earlier, our long-term EBITDA margin target is 20% or above, which is roughly 500 basis points higher than where we landed in 2020. We have high confidence in making meaningful headway towards our long-term potential in the next 3 to 4 years.

正如我們之前所說，我們確實相信，我們的長期 EBITDA 利潤率目標為 20% 或以上，比我們 2020 年的目標高出約 500 個基點。我們對在長期目標方面取得有意義的進展充滿信心。 - 未來 3 至 4 年的長期潛力。

We do have strong capabilities in place to drive gross margin expansion through strategic pricing and sourcing. And we also have a detailed plan to drive supply chain savings through additional in-sourcing and optimizing delivery frequency through better order patterns and fulfillment discipline. You're right to reference Page 29. That gives you more detail about some of the specifics that we're working on. With respect to sourcing, Phil mentioned progress with formula harmonization in Q1, which is helping us migrate through this time of interesting challenge with some inflation and providing us offset there.

我們確實擁有強大的能力，可以通過戰略定價和採購來推動毛利率擴張。我們還有一個詳細的計劃，通過額外的內包來推動供應鏈節省，並通過更好的訂單模式和履行紀律來優化交付頻率。您參考第 29 頁是正確的。這為您提供了有關我們正在研究的一些具體細節的更多詳細信息。關於採購，菲爾提到第一季度公式協調方面取得的進展，這有助於我們度過這段有趣的挑戰和一些通貨膨脹的時期，並為我們提供抵消。

I would also suggest that our roughly 70% of that those 4 buckets will end up supporting improvement in gross margin going forward. With respect to the supply chain, we're making significant progress on looking at our footprint, which is where we see some significant opportunity, the #1, in-source, and put things in places where they should be to optimize not just COGS in terms of the product cost, but also logistics optimization around freight and warehousing. That's moving on as planned.

我還建議，這 4 個類別中大約 70% 最終將支持未來毛利率的改善。就供應鏈而言，我們在關注我們的足跡方面取得了重大進展，這是我們看到一些重要機會的地方，第一，內源，並將東西放在應該優化的地方，而不僅僅是COGS就產品成本而言，還有圍繞貨運和倉儲的物流優化。這一切正在按計劃進行。

And then our earnings improvement program, which is really more focused on general and administrative kind of opportunities is on track versus our plan for this year. The COVID markets haven't affected that at all. We've been able to focus down. COVID actually presenting some new ideas for us because we're now learning how to operate, honestly, with our customers in a more remote fashion, which going forward should also provide some real opportunities in how we service customers, leveraging some technology that we have to provide remote service, which, over time, is another opportunity for us to really improve our efficiency in the business. So overall, I'd say we're on track. We haven't changed our outlook on the opportunity and we hope to deliver, as we said, in the -- an upfront margin accretion this year, consistent with our guidance.

然後，我們的盈利改善計劃實際上更注重一般和行政類型的機會，與我們今年的計劃相比，該計劃正在步入正軌。新冠疫情市場根本沒有影響到這一點。我們已經能夠集中註意力了。新冠病毒實際上為我們提出了一些新想法，因為我們現在正在學習如何以更遠程的方式誠實地與客戶合作，這也應該為我們如何利用我們擁有的一些技術為客戶提供服務提供一些真正的機會提供遠程服務，隨著時間的推移，這對我們來說是另一個真正提高業務效率的機會。總的來說，我想說我們正在步入正軌。我們沒有改變對這一機會的看法，正如我們所說，我們希望今年實現預付利潤增長，這與我們的指導一致。

Our next question is from Kevin McVeigh with Credit Suisse.

我們的下一個問題來自瑞士信貸銀行的凱文·麥克維。

If you kick off to -- if I have the numbers right, the potential water opportunity is 20% of the core F&B. Any sense of how that comes in, I guess, number one, the margin impact of that? And then how does the water opportunity impact the Institutional? You hear a little bit about if it's 20% of potential F&B. How should we think about that within the context of the Institutional business?

如果你開始——如果我的數字正確的話，潛在的水機會是核心餐飲的 20%。我想，第一，它的利潤影響是如何產生的？那麼水機會如何影響機構呢？你聽說過一些關於它是否佔潛在餐飲的 20% 的消息。在機構業務的背景下我們應該如何思考這一點？

Yes. So look, we have an existing water business in Institutional. There's certainly more we could do working with our partner. But we made a very conscious decision to start with F&B, where we thought the opportunity was the most significant. So that's what we've done. So we may well together, come back and push harder into Institutional, but we thought that it was right to start in F&B. So that's what we've done.

是的。所以看，我們在機構中有一個現有的水業務。與我們的合作夥伴合作，我們當然可以做更多的事情。但我們做出了一個非常有意識的決定，從餐飲行業入手，我們認為這裡的機會是最重要的。這就是我們所做的。因此，我們很可能會一起回來，更加努力地進軍機構領域，但我們認為從餐飲業開始是正確的。這就是我們所做的。

The first part of -- just remind me the first part of your question.

第一部分——請提醒我你問題的第一部分。

Yes. It's -- I thought -- how -- any sense of just is going to -- is potentially -- the opportunity is 20% of the existing F&B business. Any sense of how that comes in? Is that a 3-year build, a 5-year build? Just how should we think about the scale?

是的。我認為，任何正義感都可能會帶來現有餐飲業務 20% 的機會。知道這是怎麼進來的嗎？是3年建設還是5年建設？我們應該如何考慮規模？

Yes. Sure. So it's -- as I said earlier, the fact we've won our first global account is a little bit ahead of what we expected. We think this will take time. Because we're focused initially on existing customers and a significant amount of our business is large global accounts, they tend to be under contract for maybe on average 2 or 3 years. And therefore, it will naturally take some time for us to have the opportunity to win all of our global account business. So I think at the same time as we feel enormously excited about the proposition and what it's going to do for us, I wouldn't be assuming that this is going to be tens of millions in the first year or even the second year. I think this is going to take some time and build somewhat modestly and then really start to accelerate as we get into the third year.

是的。當然。所以，正如我之前所說，我們贏得第一個全球客戶的事實有點超出了我們的預期。我們認為這需要時間。因為我們最初關注的是現有客戶，而且我們的業務很大一部分是大型全球客戶，所以他們的合同期限往往平均為 2 到 3 年。因此，我們自然需要一段時間才能有機會拿下我們所有的全球客戶業務。因此，我認為，當我們對這個提議及其將為我們帶來的好處感到非常興奮的同時，我不會假設第一年甚至第二年會達到數千萬美元。我認為這需要一些時間，並且要適度地進行，然後當我們進入第三年時才真正開始加速。

That's helpful. And then could you put some numbers as to the impact of the Texas freeze in the quarter maybe around revenue or just margin? Just any thoughts on that and if there's any lingering impact that will be shouldered over the balance of the year.

這很有幫助。然後，您能否提供一些數據來說明德克薩斯州本季度凍結的影響，可能是圍繞收入還是僅圍繞利潤率？只是對此有什麼想法，以及在今年餘下的時間裡是否會產生任何揮之不去的影響。

Yes. So look, I said earlier, the overall input cost inflation, we're somewhere between 1.5% and 2% in the first quarter. And we think it may go up a little bit from there. It's pretty hard for me to determine the impact of the Texas freeze versus other things going on. And I guess, to some extent, it doesn't matter, but that's what we saw in Q1. I do think it will get a touch more in Q2, which is why we've been out making sure that we're adjusting prices accordingly. And then we think it will abate as we get more into the third and particularly the fourth quarter.

是的。所以，我之前說過，第一季度的總體投入成本通脹介於 1.5% 到 2% 之間。我們認為它可能會從那裡上升一點。我很難確定德克薩斯州的冰凍與其他正在發生的事情的影響。我想，在某種程度上，這並不重要，但這就是我們在第一季度看到的情況。我確實認為第二季度會有所改善，這就是為什麼我們一直在確保我們相應地調整價格。然後我們認為，隨著我們進入第三季度，特別是第四季度，這種情況將會減弱。

Our final question is from John Roberts with UBS.

我們的最後一個問題來自瑞銀集團的約翰·羅伯茨。

On Slide 25, if I compare the middle renormalization bridge with the left side 2020 surge bridge, it looks like the personal care or hand sanitizer comes down more on a percentage basis as it renormalizes. Is that just because hand sanitizers went up more on a percentage basis? Or maybe in other words, did hard surface and personal care both go up similar percentages in 2020?

在幻燈片 25 上，如果我將中間的重整化電橋與左側 2020 年浪湧電橋進行比較，看起來個人護理或洗手液在重整化時按百分比下降更多。這僅僅是因為洗手液的百分比上漲更多嗎？或者換句話說，2020 年硬表面和個人護理品的百分比增長相似嗎？

So look, I think the way to think about this is that in the hard surface space, we have a very differentiated product and it remains, in my view, the market-leading product. And therefore, the growth that we saw there, I think, is very sticky. Okay? On the personal care side, I think the products, in general, are less differentiated. We did a really good job with availability of product last year. We organized our supply chain, adjusted it very quickly. And therefore, we're able to take advantage of that expanding market. I think that it's also harder to retain all of that growth, given the products, in general, are just less differentiated than what we see on the hard surface side.

所以看，我認為思考這個問題的方式是，在硬表面領域，我們有一個非常差異化的產品，並且在我看來，它仍然是市場領先的產品。因此，我認為我們在那裡看到的增長是非常粘性的。好的？在個人護理方面，我認為產品總體上差異化較小。去年我們在產品可用性方面做得非常好。我們組織了我們的供應鏈，並很快進行了調整。因此，我們能夠利用這個不斷擴大的市場。我認為，鑑於這些產品總體上的差異化程度低於我們在硬表面方面看到的產品，因此保持所有增長也更加困難。

We have reached the end of our question-and-answer session. I would like to turn the conference back over to Phil for closing remarks.

我們的問答環節已經結束。我想將會議轉回菲爾進行閉幕致辭。

Look, thank you. Thank you all for joining us today. I would just say, I know we're slightly over time. In conclusion, we feel really good about the quarter that we've posted. We're managing the challenges of COVID and the Texas freeze/input costs appropriately. We're really making some nice progress on delivering the strategic plan that we laid out again for you today. And we feel we're really firmly on track to deliver the 2021 plan and to deliver further adjusted EBITDA growth on top of the 18% that we delivered last year.

看看，謝謝。感謝大家今天加入我們。我只想說，我知道我們有點超時了。總之，我們對我們發布的季度感覺非常好。我們正在妥善應對新冠疫情和德克薩斯州凍結/投入成本的挑戰。我們在交付今天再次為您制定的戰略計劃方面確實取得了一些不錯的進展。我們認為，我們確實正在堅定地實現 2021 年計劃，並在去年實現 18% 的基礎上實現進一步調整後的 EBITDA 增長。

So with that, I'd like to thank you all and wish you all a good day. Thank you.

因此，我要感謝大家並祝大家有美好的一天。謝謝。

Thank you. This does conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開線路，感謝您的參與。